California Home Mortgage

Homes in Austin, Texas, Baton Rouge, La., and Athens, Ga., that are close to some of the strongest college football teams.

The Federal Reserve today reported on their weekly purchases of agency mortgage-backed securities (MBS). In the five trading days between September 24 and September 30, the Federal Reserve purchased a total of $29.10 billion agency MBS. In those five days the Federal Reserve sold (dollar rolls) a total of $9.10 billion agency MBS, bringing the weekly net total to $20.00 billion.

The goal of the Federal Reserve's agency MBS program is to provide support to mortgage and housing markets and to foster improved conditions in financial markets more generally. Only fixed-rate agency MBS securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae are eligible assets for the program. The program includes, but is not limited to, 30-year, 20-year and 15-year securities of these issuers….(read more)

Mortgage interest rates are flirting with record low territory again according to the results of Freddie Mac's Primary Mortgage Market Survey. The survey results released on Thursday set 2009 lows for several types of mortgages.

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Stocks are once again tumbling as talk of increased regulation is underway on Capital Hill. Fresh data on the nation’s manufacturing sector didn’t help either as it came in below market forecasts.
Early this morning Ben Bernanke, chairman of the Federal Reserve, told a congressional panel that an oversight council created by various regulatory should be established.

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Existing home sales could see a boost next month, according to an industry survey that looks at contracts that have been signed but not yet finalized.

The Pending Home Sales Index rose 6.4% in August to its highest level in more than two years. In the last 12 months signed contracts have advanced by 12.4%.

“The rise in pending home sales shows buyers are returning to the market,” said Lawrence Yun, chief economist at the National Association of Realtors, who publish the report. …(read more)

The fourth quarter begins today with a torrent of fresh data, plus speeches from Fed chairman Ben Bernanke and Atlanta Fed president Sandra Pianalto.

Ahead of the data, a slowdown in global equity markets has the US futures market looking downwards, while the dollar is looking stronger and the Treasury market is stable.

“Despite yesterday’s mild setback, the Dow just racked up its best quarter in 11 years and best third quarter since 1938 with a 15% advance,” notes Sal Guatieri from BMO Capital Markets. “For an encore, less-bad news and economic stabilization probably won’t cut it any longer,” he added. “The market will need to see solid evidence of a sustained recovery.” …(read more)

The Office of Thrift Supervision and the Office of Comptroller of the Currency reported on Tuesday that mortgage delinquencies and foreclosures are still rising but efforts to keep borrowers in their homes are increasing at an even faster pace….(read more)

The stock market turned ugly this morning after an index from the windy city reported that business conditions were back in the red. An earlier report indicating that the labor market was worse than forecasts in September had laid the groundwork for the sell-off. Within a few minutes all three indexes fell more than 1%, and by 11:30 the S&P 500 was down 0.77% to 1,052, the Dow was trading 0.77% lower to 9,671, while the Nasdaq was down 0.66% to 2,109.

However, shortly thereafter commodities prices began to rally and stocks bounced off a key technical support level, recovering almost all of the intraday losses. …(read more)

Mortgage rates remained below 5% for the second week in a row, yet the low rates fail to spur increased appetite for refinancing, new loans, or purchases, an industry survey said Wednesday.

The Mortgage Bankers Association said the average rate for a 30-year mortgage fell three basis points to 4.94% in the week ending September 25 ― the lowest rate since early May. Yet, even with the $8,000 tax credit for first-time home purchasers expiring soon, loan applications decreased by 2.8% in the week….(read more)

It’s one day before the start of the fourth quarter and global stock markets are rallying. US equity futures are looking to erase yesterday’s losses, and with appetite for stocks back in favor the US dollar is weaker this morning, though Treasury yields are lower across the curve.

The main events today are the ADP private jobs survey, a regional business index from the midwest, and a speech from Dennis Lockhart (president of the Atlanta Fed)….(read more)